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Nano Labs Announces First Half of 2023 Financial Results
HANGZHOU, China, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Nano Labs Ltd (Nasdaq: NA) (“we,” the “Company” or “Nano Labs”), a leading fabless integrated circuit
About this update from Nano Labs Ltd
[{"type":"text","content":"HANGZHOU, China, Aug. 15, 2023 (GLOBE NEWSWIRE) -- Nano Labs Ltd (Nasdaq: NA) (“we,” the “Company” or “Nano Labs”), a leading fabless integrated circuit design company and product solution provider in China, today announced its unaudited financial results as of June 30, 2023 and for the first half of 2023 then ended. First Half of 2023 Financial Highlights Net revenue was RMB52.3 million (US$7.2 million) for the first half of 2023, compared to a net revenue of RMB380.1 million for the same period of 2022.Gross loss was RMB62.9 million (US$8.7 million) for the first half of 2023, compared to a gross profit of RMB176.4 million for the same period of 2022.Loss from operations was RMB136.4 million (US$18.9 million) for the first half of 2023, compared to a profit from operations of RMB107.6 million for the same period of 2022.Net loss was RMB134.3 million (US$18.6 million) for the first half of 2023, compared to a net income of RMB111.4 million for the same period of 2022.Net loss per ordinary share (both basic and diluted) was RMB1.20 (US$0.17) for the first half of 2023, compared to net income per share (both basic and diluted) of RMB1.07 for the same period of 2022. Mr. Jianping Kong, Chairman and Chief Executive Officer of the Company, commented, “The first half of 2023 was a challenging period for our industry and the entire cryptocurrency market. The prolonged slump in cryptocurrency prices had a certain impact on our product sales. Nevertheless, we continued to deliver high-quality products to our customers. We actively adjusted our development strategy to adapt to the ever-changing market environment. Our management team visited other countries, engaging with industry experts and potential partners, with the aim of exploring opportunities for global market expansion. We have been closely monitoring overseas markets, with a particular focus on North America, Northern Europe, the Middle East, and Southeast Asia. The proportion of our overseas market sales noticeably increased in the first half of this year. Through a series of market expansion initiatives, we will continue to tap into growth potential to increase our market share. Moreover, we have been continuously upgrading iPollo's advanced AI capabilities not only to enable real-time 3D metaverse rendering but also to support GPU-intensive calculations through a unified co...